The release was just the latest of a host of economic surveys, data, and sentiment indexes to suggest that post-Brexit Britain is heading pretty rapidly towards a recession. Obviously, nothing is guaranteed, and these data points are just early indicators, but as its stands, things are looking bleak for the British economy.

We've rounded up the best comments we've seen in the aftermath of the Markit release on Wednesday morning, along with some of their top charts. The reactions are almost universally downbeat, although the odd economist lets a glimmer of optimism creep into their analysis.

"The marked service sector downturn follows news from sister PMI surveys showing construction activity suffering its steepest decline since mid- 2009 and manufacturing output contracting at the fastest rate since late-2012. At these levels, the PMI data are collectively signalling a 0.4% quarterly rate of decline of GDP.

"It’s too early to say if the surveys will remain in such weak territory in coming months, leaving substantial uncertainty over the extent of any potential downturn. However, the unprecedented month-on-month drop in the all-sector index has undoubtedly increased the chances of the UK sliding into at least a mild recession."

"After three-and-a-half years of growth, the services sector returned to contraction as Brexit contagion suppressed new orders and overall output at rates last seen during the financial crisis in 2008-2009.

"The overall rate of retrenchment was the fastest since March 2009, as supply chains were hit by a continuation of muddy business conditions, rises in food and fuel prices and a demand from staff for higher wages to offset the impact of weaker economic conditions, experienced now for many months. The aversion to investment and a lack of consumer confidence also delayed or reversed contract decisions."

"The collapse in the business activity index to its lowest level since March 2009 shows that uncertainty about the UK’s future trading arrangements has had a more malign impact on the UK economy than the eurozone’s debt crisis ever did."

"A weighted average of the three PMIs—manufacturing, construction and services—is consistent on past form with GDP falling by about 0.4% quarter-on-quarter growth in Q3. Of course, this relationship is not pin-point accurate, primarily because the PMIs do not cover the whole economy—the retail, government and energy sectors are excluded—and because they do not ask firms to report the magnitude of output changes. Nonetheless, the PMIs’ sharp fall is echoed by other surveys of activity and confidence and it is the best indicator we have to go on at this stage."

Pantheon also notes that the PMI fall is consistent with a 50 basis point cut in the Bank of England's base rate tomorrow, although it notes that this is unlikely given the likelihood for an inflation overshoot, as the chart above shows.

"These figures paint a bleak picture of the UK economy following the EU Referendum, and over the coming months we will likely see a further split between those who have been negatively impacted by the result, and those who are well placed to use it as an opportunity.

"On the up side, service firms who export and those with a strong international footprint will look to make the most of opportunities brought about by the fall in the pound against the dollar and euro, and continued investment from countries such as China."

"However, with the potential cocktail of tax rises and welfare cuts now a distinct possibility, some business will no doubt be looking to take action quickly to remain stable, reviewing headcount and cutting back on expenditure. Others will be stalling until we have a clearer picture of the post-Brexit world."

Elizabeth Martins, HSBC — "Surveys have almost without exception pointed to an economy in shock"

HSBC

"The UK services PMI came in at 47.4 in July - unchanged from the flash reading. But this was still a seven-year low. Together with the downwardly revised manufacturing reading from earlier this week, and a weak construction print, this took the UK composite PMI index to 47.5 - the lowest level since March 2009.

"While there has been no hard data to quantify the initial impact of the vote to leave the EU, the surveys have almost without exception pointed to an economy in shock. We think this will be enough evidence for the Bank of England to cut rates by 25bps at tomorrow's meeting, although we think that they will hold off from announcing any additional QE at this stage."

Dean Turner at UBS Wealth Management — "Time will tell if a recession is on the cards"

Stefan Rousseau/PA Wire/Press Association Images

"Off the back of equally disappointing manufacturing figures, today’s numbers confirm that the UK economy is slowing. Although not currently our base case, if current levels for the PMIs are sustained, we may need to brace ourselves for a mild recession by the end of the year.

"Today’s confirmation of the downturn in the Services PMI should not be underestimated, with significant near-term implications for UK businesses.

"But until the fog of Brexit begins to clear, it is frankly too early to tell whether the latest string of disappointing data is a real cause for concern. Time will tell if a recession is on the cards but it is clear we now face a period of lacklustre growth, a sharp contrast to the above trend growth we’ve enjoyed for the last three years."

Andrzej Szczepaniak and Fabrice Montagne at Barclays — The beginning of a "prolonged and shallow contraction"

Barclays

"The continued deterioration in firm sentiment during July, as illustrated by the decline in composite PMI between the ‘flash’ and ‘final’ estimates, supports our below-consensus forecast that the UK economy will be pushed into a recession from Q3 16, on an initial referendum shock, contracting 0.4% q/q in Q3 16 and by 0.3% q/q in Q4 16, before stablising into a prolonged and shallow contraction of, on average, 0.1% q/q until the end of our forecast horizon."

"Looking forward, confidence seems likely to continue to fall in the coming months as high levels of business uncertainty force firms to become even more cautious with regard to hiring, spending and investment decisions, only to be amplified by a likely prolonged period of non-clarity regarding the post-exit relationship between the UK and the EU and the rest of the world."

"Overall, the weighted-average PMI is at a level consistent, on the basis of past form, with quarterly contractions in GDP of about 0.4%. But activity for the whole of Q3 may not be quite as weak as the July PMI suggests.

"Given that the survey was conducted fairly soon after the referendum (between 12th and 28th July) there is a possibility that this could reflect an initial shock factor. Meanwhile, other surveys haven’t been quite as downbeat. July’s CBI Growth Indicator points to an easing in growth ahead rather than an outright contraction in output."